Washington, D.C. — Bank Policy Institute released the following statement in response to the Paycheck Protection Program Extension Act introduced in the House today:
We appreciate this bipartisan effort to make sure small businesses have time to access critical pandemic relief loans. America’s banks are committed to working with Congress to ensure PPP funding reaches small businesses who urgently need help to keep their doors open and pay their employees as we recover from the pandemic.
In addressing pandemic relief efforts, it is equally important that consumers’ stimulus checks are protected from garnishment. We will continue to work with Congress to ensure these payments don’t end up in the hands of debt collectors rather than providing much-needed assistance to the struggling Americans that they were intended for.
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.